Knowing when to pivot — to make a significant change in
strategy or tactics — is a vital business skill. Unfortunately, many
entrepreneurs have real difficulty understanding the signs and signals that
tell them when a substantial change is due. Failure to detect these clues and
the sunk cost fallacy can lead many businesses to waste critical finances,
time, and human resources. In this article, tech entrepreneur Ahavel
Aborishade discusses some of the red flags all companies should be on the
lookout for.

1.
Growth Has Stopped

The best indicator that what you are doing is working is
growth. The earliest sign that you are ready for a pivot is the moment that
growth stops. Developing and understanding measurable metrics that are
meaningful to your business will help you keep a finger on your business’s
pulse. When productivity or profits stop, it is time for immediate action.

2.
You Notice Turnover

When employees, other team members, investors, or partners
leave a relationship with your business, it could be for virtually any reason.
However, when you notice group turnover or any patterns, a closer look at the
reasons why is called for. Losing even one vital partner, vendor, or investor
could spell big trouble for your business. Always strive to understand why
people move on.

3.
You Aren’t Getting Media Attention

Popular and trade journalists spend their time looking for
stories and people that are newsworthy. You should be tuned in to the types of
media that your business should be attractive to, whether that is ordinary news
coverage or specialized trade coverage. If you are not being covered by the
people who report the news in your industry, your competitors probably are
taking that space from you.

4.
You Are Spending All Your Time on the Same Tasks

When getting the same results seems to take more and more
effort, or when everything you need to get done feels bogged down with menial
and repetitive work, there is a good chance that your time management is
suffering. Inefficient operations are a signal that systems need to be revamped
or redesigned completely. Often some simple higher-level planning can get your
business out of a rut.

5.
Boredom Has Set In

If your energy and desire to hit the ground running every
day is suffering, it’s time to assess where you and your business are heading.
Spend time thinking about why you feel bored with work. Usually, there are
opportunities for growth and expansion that you are missing because your
imagination has fallen into neutral. A pivot in your business’s focus can send
a jolt of energy into your daily process and bring back your spark.

6.
Your Target Market Seems to Be Moving on Without You

Customer tastes and preferences are always changing.
It is a certainty that the way any target market prefers to be served will
evolve with time. When you notice that your existing or prospective customers
are looking for products or services delivered in new ways, or that they aren’t
where you are used to seeing them, it’s time to either adapt your business or
find some other niche market to focus on. Pivoting effectively means understanding–and
anticipating–trends in your marketplace.

7.
Your Intuition Tells You That it’s Time for Change

As an entrepreneur, in many ways, your business is you, and
you are your business. As you grow and change personally, your business should
change with you. If your feelings about your personal goals and satisfaction
aren’t matching up with what your business is doing, it is time to ask whether
your business needs to change direction and grow with you.

About
Ahavel Aborishade

Ahavel
Aborishade is a business leader, tech aficionado, and an emerging
entrepreneur. Ahavel uses her passion for technology and community to create
applications that enhance daily experiences in nuanced ways. She enjoys the demanding
life of an entrepreneur by balancing helping people around the world with their
tech dreams with riding motorcycles and practicing yoga.

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